Only 146K IPhones Activated in First Two Days; Apple Stock Drops

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Only 146K IPhones Activated in First Two Days; Apple Stock Drops

Apple stock is down about 5 percent after AT&T revealed in an earnings report that it activated only 146,000 iPhones in the first two days of sales – a mere 21 percent of Wall Street's estimated initial sales figure of 700,000. Apple will announce its own earnings – including more iPhone sales figures – tomorrow, which should shed more light on how many people have purchased the devices.

I have to wonder what the sales numbers would have been if the iPhone could be used on any cell network, rather than only on AT&T. Land line phones and personal computers can be used on any network, and they seem to sell pretty well.

7/25 Update: During its earnings call today, Steve Jobs pointed to a million iPhone sales during its first three months of availability, and possibly to upcoming iPhone models to be announced later:

"iPhone is off to a great start – we hope to sell our one-millionth iPhone by the end of its first full quarter of sales – and our newproduct pipeline is very strong."